Knowing Is Not Owing - How Well do You Know your Debt Options?

Please select the answer you feel is most accurate.

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1. A person will lose most of their assets when they file for personal Bankruptcy.

True

False

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2. Bankruptcy is a highly public process and a person's employer is often notified.

True

False

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3. It is not possible to get credit for 7 years after filing personal Bankruptcy.

True

False

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4. Debts for income taxes may not be forgiven in a Bankruptcy or Consumer Proposal.

True

False

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5. Spouses automatically become legally responsible for each other's debts.

True

False

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6. Which of the following professionals are licensed to file a Consumer Proposal?

Lawyers

Debt Consultants

Non-profit Credit Counsellors

Trustees in Bankruptcy

Chartered Accountants

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7. Does a not-for-profit Credit Counsellor earn money from creditors?

Yes

No

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8. How long will a Consumer Proposal be noted on your credit report?

2 years from completion

3 years from completion

7 years from completion

10 years from completion